The housing market of Ocean County displayed a slow and steady upward trend in important statistical areas for May of 2014. Inventories are down, but home values are increasing—this data hints toward a seller’s market, and a more positive market outlook can be expected in the near future.
In Ocean County, the number of new single family homes listed increased 2.8% from May 2013, and also showed a 10% increase in the last 12 months. New townhouse and condo listings have decreased by -1.2% in the last 12 months; however, the number of new listings from May 2013 to May 2014 showed a 1.5% increase. Adult communities showed an increase in the number of new listings by 7.7% from May 2013, and 4.2% increase in the last 12 months. The State of New Jersey, as a whole, experienced a 4% increase from May of 2013, as well as an increase of 3.1% in the last 12 months.
The number of closed adult community sales in Ocean County went down 14.9% from May of 2013, and a 4.5% decrease in last 12 months. Despite the decrease in the number of closed sales, sellers have reported receiving an average of 95% of the list price. The number of closed sales for single family homes in Ocean County has increased 3.5% from May of 2013, and the number has gone up 23.8% in last 12 months, with home sellers receiving an average of 94.6% of the list price. Although townhouse and condo sales have decreased by 21.4% from May of 2013, the last 12 months of data shows a 33.5% increase in closed sales with sellers receiving an average 94.8% of the list price. The State of New Jersey saw a 5% decrease in sales from May 2013, as well as a 2.7% decrease in last 12 months. Throughout the state, sellers have reported receiving an average of 94.8% of the list price.
May has given the market an optimistic outlook in regards to the number of days a home is on the market. New Jersey has seen a slight decrease of 1.9% in the average of days homes are on the market, which resulted in the average dropping from 103 to 101 days. Although New Jersey has shown only a small decrease, Ocean County has received a more positive outlook on the average wait time. The average number of days on the market for single family homes has decreased 9.2%, from 119 to 108 days. Townhouse and condos also showed a decrease of 7.6%, resulting in the average number of days to drop from 118 to 109 days. Adult communities saw the largest decrease in the average number of days on the market; the average dropped from 96 to 74 days, resulting in a 22.9% decrease.
Despite the mixed market, home sellers and their agents should remain optimistic. The value of homes has steadily risen in all three key areas of home ownership across the state in the last 12 months, and Ocean County has followed the trend as well. Economists attribute the slowed down housing market to the current economy, which is believed to be down briefly because of the past harsh winter and other temporary factors. Economists remain confident about the economy growing, and this confidence extends to the housing market as well.